Citizens Bank Announces Award of Grants for Minority-Owned Small Businesses

Rhea-AI Summary

Citizens Bank has awarded 100 grants of $15,000 each, totaling $1.5 million, to minority-owned small businesses to enhance social equity and economic advancement in underserved communities. This initiative is part of a broader $10 million investment aimed at promoting economic growth. Applicants demonstrated how they would use the funds to strengthen their businesses and communities. Additionally, the program offers mentorship through SCORE to further support grant recipients.

Positive

• Awarded $1.5 million in grants to minority-owned small businesses.
• Supports social equity and economic advancement in underserved communities.
• Part of a larger $10 million investment in economic growth.
• Offers mentorship through SCORE for grant recipients.

Negative

• None.

PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Bank today announced that it has awarded 100 grants of $15,000 each totaling $1.5 million to minority-owned small businesses across its service areas as part of its previously announced $10 million investment to help drive social equity and economic advancement in underserved communities across its footprint.

Through a short essay, applicants shared insight on how they would use the grant to both strengthen and sustain their business and help their community.

The program also includes an opportunity to partner with SCORE, the nation’s largest network of volunteer, expert business mentors. For recipients who opt in, SCORE will match the business with a mentor to help build and sustain success.

“Citizens is highly committed to helping promote social equity and drive economic advancement in underserved communities and this is one of several ways we are bringing that commitment to life,” said Jack Murphy, president of Citizens Business Banking. “The interest we witnessed from across our business footprint was overwhelming, and we are confident that our recipients will play a continuing vital role in strengthening the communities they serve.”

Other elements of Citizens’ social equity commitment include initiatives for financing small business and housing, as well as other development in minority communities through economic opportunity funds and investment in Low-Income Housing Tax Credit projects. Citizens is also committed to supporting underserved communities through ongoing technology, education and digital literacy initiatives. Additionally, Citizens will direct grants to nonprofit organizations, provide matches for colleague contributions to social equity organizations, and work in partnership with national organizations to fund digital literacy programs aimed at eliminating the digital divide.

Recipients of the Citizens Bank Minority-Owned Small Business Grants can be found at: citizensbank.com/minoritybusinessgrant

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $179.9 billion in assets as of June 30, 2020. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.